@buzzdave (or anybody else) could drain the liquidity on one side (or the other - whether NBT get bought or sold) and liquidity providers would gladly refill it getting the required resources from the Nu network in change for what is in abundance by participating in seeded auctions.
The speed would be limited, but at least it would work mostly automatic fueled by financial incentives!
The market is dynamic. Inflating or deflating NBT supply doesn’t match that dynamic as much as it could and should.
Nu has all that is required for improving it.
It just needs to happen!
Yes NBT is an excellent and easy way for locking price when your business is price sensitive, but it needs to support much higher volumes. Back when BTC looked like a high flyer (so long ago…) everybody was a holder. After maturing my business quite a bit, its clear to me now that a large scale miner simply cannot take the risk of riding BTC price. I’ve experimented with selling futures, but easiest of all would be an automated API with which I could place my BTC as I mine them, converting to NBT, such as through Shapeshift. They have limits which are too restrictive.
I will look into ALP and see if it makes sense. The Nu community is creating so much good stuff so quickly its been hard to keep up with you guys!
It still would be a little bit of an issue because NuRiver is new here and so is buzzdave, and buzzdave would prefer to only use cryptsy. Ideally, we want to trust them both more and more over time to provide a good solid supply of money. That has to be recognized by shareholders (or auction participants or whoever) and the ramping up process will take time to pass on the blockchain. Even with fixed cost, there’s still a concept of how much Nu trusts and supports any given liquidity pool.
@buzzdave I think it will be really impressive when we have B&C exchange up and running. There will be a huge amount of potential for automation with the reputed signer structure and it has a lot of the same community as Nu because of the manner in which we forked. https://bitcointalk.org/index.php?topic=1033773.0
I’m not so new here, but I’m very busy so not active on the forum. I’m a large shareholder in Nu and have made some attempts at working as an LP in the past.
Still just looking for a good fit to my business that also helps Nu. I think the daily volume in NBT could easily be 100’s of thousands very quickly as hedgers incorporate it into their business. I’m not unwilling to try these other sources - Cryptsy is by no means my preferred exchange.
Looking forward to B&C very much as well. I hope to be a trusted signer as well if it makes sense for the community.
I agree it’s desirable for our network to increase its liquidity capacity, and I think we’re gradually getting there. The challenge is that if our total supply of NBT in circulation is ~500,000 NBT, and daily liquidity is 100,000 NBT, it’s still too small of a currency to support one-time 75,000 NBT purchases/sells.
The good news is that our liquidity pools are growing, NBT demand is growing, and we are getting added to larger exchanges every month. The network will eventually get to the point where it can handle your volume without issue. We’re definitely glad to have NBT users like you in our community as a shareholder, as you have some of the best insights into how we should grow our operation.
2015/09/23-09:04:32 INFO: starting PyBot for btc on cryptsy
2015/09/23-09:04:35 INFO: successfully deleted all orders for btc on cryptsy
2015/09/23-09:04:36 INFO: waiting 8.90 seconds to synchronize with other trading bots for btc on cryptsy
2015/09/23-09:04:48 ERROR: unable to place bid btc order of "X" nbt at 0.00431205 on cryptsy: Insufficient BTC in account to complete this order.
2015/09/23-09:05:23 ERROR: unable to place bid btc order of "X" nbt at 0.00431205 on cryptsy: Insufficient BTC in account to complete this order.
2015/09/23-09:05:32 INFO: cryptsy - balance: 0.00000000 rate: 0.00% ppm: 0.00000000 efficiency: 0.00% rejects: 0 missings: 0 - APIKEY
If I multiply the “X” NBT with 0.00431205 the result is exactly the amount I have in my cryptsy BTC “available balance”.
Is this is bug of the bot or a cryptsy API bug?
I don’t know how this information is retrieved, but https://raw.nupool.net/nubits/ shows 0 ask orders - but there’s something on the bid side; why does my bot not want to place orders?
edit: since when does cryptsy have these withdraw fees:
The Cryptsy API has a strange ‘feature’. For placing bid orders (and only bid orders) you have to subtract the fees from the amount to place on order before placing the order. The log output of the bot doesn’t reflect this accurately so the maths appears to make sense when looking at the log. I’ll take a look at this later. i did put a work around in to gather the fees from the api before placing the order. I wonder if that call is failing?
I’ve done some testing with the current Cryptsy wrapper and it seems to be working correctly for me.
Just to make sure everyone is on the same page I’ve bundled up a release for the latest code
If it’s still causing problems for anyone I’ll have another look and add some more detailed logging around the problem part so we can figure out what is going on.
